18 June 2024, London/New York: SteelEye, the pioneering integrated surveillance provider trusted by over 150 financial firms worldwide, has formed a strategic partnership with Intelligent Voice, a specialist in financial services voice transcription and analytics technology.
Through improved accuracy, intelligence, and automation, this collaboration revolutionizes the way financial firms transcribe, analyze, monitor, and alert on voice communications. As a result, firms can enhance their compliance processes for voice across global mandates.
Addressing a Critical Need in Financial Compliance
Financial firms are under increasing pressure to store and monitor all forms of communication to meet regulatory requirements. Yet, due to regulatory ambiguity, many firms neglect voice transcription, limiting their voice surveillance capabilities. Effective compliance requires transcription of voice to create searchable and analyzable content, rather than relying on random call sampling and manual reviews.
Preparing for Regulatory Clarity
It is only a matter of time before regulators provide clearer guidelines on the supervisory requirements for voice communications. The demand for tailored voice transcription and surveillance services is rising, reflecting this anticipation.
The Transcription Challenge
The challenge for financial services firms lies utilizing technology that is tailored to trading environments. Trading floors are notoriously noisy, and traders often use specific jargon that general transcription technologies struggle to decipher accurately. Inaccurate transcription undermines the entire surveillance framework as risks can’t be identified and addressed.
SteelEye and Intelligent Voice: A Powerful Partnership for Enhanced Compliance
SteelEye and Intelligent Voice have joined forces to bridge this gap. Intelligent Voice’s specialized voice models are designed for the financial sector. The technology understands the noisy environments of trading floors and the industry-specific jargon traders use, providing unparalleled transcription accuracy in this context. Additionally, Intelligent Voice’s advanced voice analytics can identify language switching and offers cutting-edge features for identity management.
Combining this with SteelEye’s comprehensive communications surveillance solution means that financial firms can now integrate voice effortlessly into their compliance frameworks. In SteelEye, compliance teams can effortlessly create rules that scan through voice data to identify potential risks, including market abuse, collusion, conduct risk, and more. The platform’s highly customizable nature, combined with its intelligent rules for voice, reduces false positives and ensures only genuine risks are flagged. Additionally, SteelEye’s AI-driven assistant, the Compliance CoPilot, streamlines the communication surveillance workflow through intelligent alert scoring, triaging, and automation, reducing the time it takes to review an alert by 75%.
Commenting on the news, SteelEye’s Chief Product Officer, Matt Storey, said:
“Firms cannot afford to ignore voice surveillance. This partnership ensures that firms are not caught off guard when regulatory clarity is provided. By incorporating advanced voice transcription and analytics into their surveillance frameworks, firms can proactively address the compliance threats posed by voice communications.”
Nigel Cannings, CEO of Intelligent Voice, added:
“This collaboration brings together SteelEye’s leading expertise in regulatory surveillance with Intelligent Voice’s advanced AI-powered speech technology. By leveraging the strengths of both companies, we aim to deliver the finance industry’s most advanced and comprehensive voice compliance solution. This partnership underscores our commitment to innovation and excellence, ensuring our clients have the most effective tools to meet their regulatory obligations and safeguard their operations.”
